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Mogo Inc
Symbol MOGO
Shares Issued 75,952,490
Close 2022-09-23 C$ 1.17
Market Cap C$ 88,864,413
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Globe says Coinsquare buying Coinsmart Financial

2022-09-26 08:03 ET - In the News

See In the News (C-SMRT) Coinsmart Financial Inc

The Globe and Mail reports in its Saturday, Sept. 24, edition that Coinsquare aims to buy Coinsmart Financial for about $29-million in cash and shares. The Globe's Timur Durrani writes that the companies expect to close the deal in the fourth quarter this year. The move will put two of Canada's biggest crypto companies under the same roof, giving them more than one million customers altogether and more than $350-million in digital assets under custody as a whole. The companies describe the deal as another step toward nationwide consolidation for the digital asset and blockchain industry. The deal positions Coinsquare in direct competition with Wonderfi Technologies, which has been on an acquisition spree, buying Coinberry and Bitbuy Technologies earlier this year, then Blockchain Foundry in September. The agreement includes an upfront purchase price of $3-million in cash and the issuance of 5,222,222 shares of Coinsquare, which is privately held, to Coinsmart, which trades on the NEO Exchange. Coinsquare shares are valued at $5.02, according to the most recent financial results for Mogo, Coinsquare's largest shareholder. Coinsquare will take over the management of Coinsmart after closing the transaction.

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